Though revenues are up in the third quarter of 2019, Manitou is seeing something of a slowdown.

Michel Denis, the company’s President and CEO, said, “Sales growth in the third quarter was plus 4% compared to the third quarter of 2018, and plus 18% for the first nine months of the year compared to the first nine months of 2018, confirming the start of the slowdown already announced.”

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The manufacturer has seen its order intake on equipment drop to €244 million in the third quarter of 2019, from €346m in the same period last year, as a result of declining markets – particularly in the US and Northern Europe – as well as the shortening of delivery times.

At the end of the quarter, Manitou’s equipment order book stood at €526 million, compared to the €825 million recorded in the third quarter of 2018.

The company’s Compact Equipment Products (CEP) division performed particularly badly, with a 7% drop in sales compared to the third quarter of last year. However, its sales for the first nine months of the year have increased by 10% compared to the same period in 2018.

Floods affected the company’s Madison (SD) plant, leading to a production shutdown for six weeks. It is due to return to normal production shortly.

Meanwhile, the Services and Solutions (S&S) division recorded a 9% increase in third-quarter sales, and the Material Handling and Access (MHA) division saw a 6% growth in sales. According to Manitou, the MHA division is continuing to adjust its production capacity to a decline in demand recorded in its markets.

Denis said, “To date, this evolution does not affect our expectation of revenue growth of around plus 10% for the full 2019 financial year compared to 2018.

“Following the above-mentioned items and a six-week shutdown of our Madison plant due to floods, we expect a lower increase in current operating income in 2019, by 10 to 30 basis points.”

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